The project for the 60-million tonne per annum (MTPA) refinery in Maharashtra has Indian Oil as the consortium leader, officials here said.

Indian Oil will have a 50 per cent stake in the project, while Bharat Petroleum and Hindustan Petroleum will have 25 per cent each.

The consortium agreement was signed on the sidelines of the Petrotech 2016 hydrocarbons conference here in the presence of Petroleum Minister Dharmendra Pradhan and Union Ministers Nitin Gadkari, Piyush Goyal and Anil Dave.

Two to three sites on the Maharashtra coast are being explored for the refinery and mega petrochemical complex that will be set up in two phases, officials said.

The Phase-1 capacity will be 40 million tonnes (MT) together with an aromatic complex, naphtha cracker unit and a polymer complex. This will cost between Rs 1.2-1.5 lakh crore and will come up in 5-6 years from the date of land acquisition.

The second phase, involving a 20 MT refinery, will cost Rs 50,000-60,000 crore.

The Mukesh Ambani-led Reliance Industries currently operates India’s biggest refinery in Jamnagar in Gujarat, which has a capacity of 33 MT.